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FORBES PROFILE: HERMAN'S HEADS
Published November 10, 1994
Herman's Sporting Goods owners William Taggert and Alfred Fasola Jr. are profiled in the latest issue of FORBES. The two are trying to take their experience turning around three "busted" transportation companies, and aplly it to Herman's, which had expereince serious financial troubles. Fasola and Taggert declared Herman's bankrupt three days after purchasing it. Despite the "outrage" and "shock" felt by the creditors' committee, as related by Joseph Zogby of Reebok Int'l, they had to go along. After emerging from Chapter 11 on September 30, Herman's expects a $9M profit this year. Fasola, Taggert and co- investors will end up with 67% of the new equity. If projected '96 profits of $500M are reached, the annual return will be 40% on their $55M investment. The investors "hope to cash out" in a public offering in a couple of years. "Unsecured creditors," such as Reebok, Authentic Fitness and Russell Corp., will receive $.92 per dollar they are owed in both cash and equity. They have agreed not to sell their $68M in claims to third-party investors. The investors will own 67% of the common stock, creditors 22%, and "key" managers 11% (David Fondiller, FORBES, 11/21 issue).